Insurance Claiming Process – Do’s and Dont’s
Life insurance is the best way of handling risk management in life, but the real benefit of life insurance can be gained only if the claim settlement is properly approached. Claiming your insurance policy is quite a delicate process, but unless there are no major complications in your documents, you must be able to get your claim amount in a short span. First things first, when claiming your life insurance policy, you have to disclose the complete policy details to your insurance company by submitting all the essential documents. This will help speed up the process and you may get your claim amount quicker
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Types of Policy
Insurance policy is categorized in a different form, every category has its own objective to serve the people and every different category has a different way to get claims accepted. With increasing time, everything is updated. For as – Claim process is quite updated now than previous, and some of the new services are added to the insurance policy.
Insurance Policy Category
- Life Insurance Policy
- Health Insurance Policy
- Motor Insurance Policy
Types of Claim
As we already mention that “Claim process is quite updated now than previous”, before you have to submit all the documents related to the hospital and all the bills of hospitals, and after that insurance company takes things forward. But, nowadays every insurance company has its own network hospital across the country, and it’s quite possible that the insurance company has a network hospital in your area too.
The benefits of having a network hospital are, you will get the treatment in the meantime. All you have to do is, whenever you need to admit to the hospital for getting treatment, just choose the hospital which is the network hospital of your insurance company, and after this just claim for hospitalization benefits. This is the new way to claim process, and it’s also known as cashless claim settlement.
Insurance Claim Process of Life Policy
Maturity claims:- Once the policy gets matured, you can apply for the claim of the policy or it can also be a survival benefit claim in which a policy discharge form that is duly signed and sealed has to be submitted to the insurance company.
Rider claims:- If you have availed any riders as part of your life insurance policy such as critical illnesses or accidental death benefit, you can claim these riders according to the need of the hour.
Death claims:- Claims made on the death of the policyholder. This has to be made by the nominee of the policyholder and the original copy of the policy has to be submitted when applying for the claim.
Stepwise Procedures for Claiming Insurance
Write an intimation letter to the insurance company about your policy details and your need to claim. Include essential details such as policy number/name of the policyholder/cause of claim/name of the nominee and the death details of the policyholder.
Submit all the necessary documents/paper works to the insurance company on the said date and time.
Claim settlement processes will be done by the insurance company.
The claim amount is usually issued in the form of an account payee cheque in the name of the nominee. Remember, the speed of claiming process depends on the proper submission of the documentation of your insurance policy.
Health Insurance Claim Process
Cashless Claim Settlement
Cashless treatment is, getting treatment in-network hospital of your insurance company and during getting admission in the hospital the process claim has to be done. After that, you do not have to spend even a single rupee, all the expenses will be borne by your insurance and this process of claiming is named a cashless claim. Getting such a facility from an insurance policy is important to the policy because the better the service the insurance policy offers, the more people are drawn towards the insurance. Cashless Claim Settlement provides the meantime service, that you looking for.
Reimbursement
In an emergency, you get admitted to a non-network hospital and wear the whole expenses whatever need at that time. After having an insurance policy, if you are paying the whole expenses of the hospital it sounds really ridiculous and it seems like, the insurance policy has no interest to cover the insured person, but reimbursement claim settlement works in the exact same way. During hospitalization, you have to spend money and have to cover the patient. As the patient gets better and he/she gets discharged from the hospital, at that time just assemble all the bills, like – hospital bill & medical bill.
After putting all the bills in one file, just reach out to your insurer’s company and submit all the bills that you paid during hospitalization. Insurer Company will provide you with all the money that you spend during hospitalization but it’ll take some time to settle the claim. So, before buying the policy, just make sure that your insurance company has a network hospital in your area. Because it’ll make settlement easy and you will get the best treatment that you deserve.
Motor Insurance Policy
In a motor insurance policy, the claim process is a bit different from the two others. In motor insurance, you may need to file a complaint or maybe without filing complaints you will complain you will get the claim settled. There is the process through which you’ll get your claim settled on a vehicle,
If you met an accident,
- After the accident, you have to do claim intimation to your insurer’s company.
- Register acclaim & then go to the cashless garage.
If your vehicle is stolen
- First, file a police complaint.
- After that, you have to do claim intimation to your insurer’s company. Insurance will ask you about the police complaint.
- After this, your claim is settled after the decision of the court.
